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What is Dai? The total amount of Dai issued and the introduction of the white paper
Dai, a decentralized stablecoin pegged to the US dollar, maintains its value through collateralization and an algorithmic redemption system on the Ethereum blockchain.
Oct 02, 2024 at 03:05 pm
What is Dai?
Definition:
- Dai is a decentralized stablecoin that maintains a peg to the US dollar (USD).
- It operates on the Ethereum blockchain and is managed by the Maker Protocol, a set of smart contracts.
Properties:
- Stable Value: Dai maintains a value of $1 USD through an algorithm and collateralization.
- Decentralized: Dai does not have a central authority controlling its issuance or redemption.
- Transparent: The Maker Protocol and Dai smart contracts are open source and audited.
Total Amount of Dai Issued
As of August 2022, approximately 1,270,000,000 Dai have been issued.
White Paper Introduction
The Maker Protocol and Dai stablecoin were initially proposed in a white paper published in November 2017 by Rune Christensen.
The white paper detailed the following key principles for Dai:
- Collateralization: Dai is backed by collateral provided by users in the form of cryptocurrencies such as Ether (ETH).
Stability Mechanism: Dai maintains its peg through a two-way redemption system.
- If Dai's value falls below $1, users can mint Dai by providing collateral.
- If Dai's value rises above $1, users can burn Dai to redeem their collateral.
- Governance: The Maker Protocol is governed by the MakerDAO, a decentralized autonomous organization (DAO) that oversees the operation of the system.
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